Research Insights on China Frozen Food Market Size and Forecast to 2024

China Frozen Food Market is Projected to Reach USD 26,492.8 Million by 2024

1 November 2018, China Frozen Food Market is expected to be valued at USD 26,492.8 Million by 2024, driven by an increase in the demand of frozen food. Savvy and sophisticated consumers are extremely conscious while making food purchases and are ready to pay premium prices for these products that are made with ethical and good farming practice. This trend is expected to flourish the market of frozen food products in China over the coming years.

Growing urbanization coupled with rising disposable income is expected to be a key driver for the rise in purchasing power of frozen food products by local Chinese people. The market in China is on the edge of further expansion owing to the rapid expansion of food outlets along with reduced tariff barriers on frozen food imports by the government. However, highly priced frozen food products from multinational brands are expected to hamper the overall growth in China but sophisticated health-conscious adults as well as teenagers are ready to pay premium prices for the quality provided.

Among type segment, Non-vegetarian frozen products account for maximum market revenue share owing to the growing preference and influence of western foodservice. This trend of expanding western restaurant and dishes is expected to rise the demand for imported seafood such as sushi, platters, lobsters, and oysters. Frozen seafood accounted for the maximum market revenue share of about more than one-fourth in the year 2016 owing to China is the third largest market for fish imports and clearly the vital producer in both fishing and in aquaculture. However, frozen potato products are expected to be the fastest growing segment owing to ease of consumption and cooking, followed by frozen meat and frozen ready meals.

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Though the leading four to five companies account for majority of market revenue share in the market, the competition is intense owing to the presence of numerous local as well as multinational brands. The industry is labour intensive in nature owing to shortage of large-scale investment, however, giant players are shifting towards advanced production equipment to increase the production volume and to minimize the production cost.